Foreign investors have been a significant part of New York City’s real estate market in recent years, but Donald Trump’s immigration policies are beginning to change that. DNAinfo reports that international buyers are becoming hesitant to purchase property because they’re uncertain they, or their family members, can attain the necessary visas to enter and live in the United States.
In the article, real estate expert Jonathan Miller estimates that foreign buyers “make up between 15 percent of the market, as a baseline — and as high as 85 percent of the buyers in certain new developments around ‘Billionaire’s Row’ in Midtown,” numbers that could fall as the Trump administration attempts to lower immigration. In addition to the controversial travel ban, the administration has sought to limit H-1B visas, which are intended for highly skilled foreign workers.
The story is illustrated with a number of anecdotes, one from Mirador Real Estate’s Paul Magyar, who explains that a New York University student from China recently had to back out of a deal for a three-bedroom in the East Village due to visa issues. Read the article here.
Owning a home has long been part of achieving the American Dream. But in New York City, the practical reality is that renting a condo or apartment can often be a better deal than buying real estate. Brick Underground recently examined this issue in the article “In defense of renters: Why buying property isn’t always the right decision.” The publication turned to Mirador Real Estate’s Paul Magyar to explain why people who want to invest in New York properties might not see the returns they expect.
With real estate prices booming across the entire city, Paul tells Brick Underground that investors are unlikely to see the value of their property significantly increase. “That idea of a diamond in the rough doesn’t exist in Manhattan anymore,” Paul says. “Theoretically, it’s still there in the outer boroughs, and in places like Jersey City, but they’re fewer and farther between.” Just to recoup closing costs will take at least five years. And if you overlook the surrounding air rights and a new building eventually blocks your view, the value of your property may actually go down. Read the entire article here.
Whether you’re slipping into your favorite stilettos or loafers, it’s time to saunter into some of the swankiest speakeasies NYC has to offer. It doesn’t matter if you’re going solo or surrounded friends – there’s no better way to sip on your favorite cocktail (or let’s be honest – cocktails), than in the confines of style and sophistication.
Under prohibition, speakeasies were a haven where the liquor flowed freely for those seeking a place to let loose. Fast-forward nearly a century and you’ve still got that same sanctuary, only now you can sip your favorite cocktails legally!